Why serial acquirers outperform

Long term data shows serial acquirers beat the market. The strongest results come from teams that treat capital allocation as a core skill, not a side effect of growth.

Search funds and disciplined roll ups show especially strong outcomes. Average search fund returns since 1984 are around 35% annually.

Here are examples that fit this model:

🖱 Kingsway Financial Services (NYSE: KFS)
Public company using a search fund model. Operators are selected first, acquisitions come second.

🖱 Teqnion (OMX: TEQ)
Owner of 36 small industrial businesses with strict capital discipline and decentralized operations.

🖱 Diploma PLC (LSE: DPLM)
Industrial components supplier with 15 years of ~16% EPS CAGR driven by steady bolt on deals.

🖱 VitalHub (TSX: VHI)
Healthcare software company with subscription heavy revenue and low churn. Active acquirer.

🖱 Lumine Group (TSX: LMN)
Constellation Software spin off focused on telecom and media vertical software.

🖱 Omda AS (OSL: CSAM)
Hospital software provider with public sector contracts and high recurring revenue.

🖱 TerraVest Industries (TSX: TVK)
Propane and energy infrastructure roll up with acquisitions priced below 10x FCF.

The pattern repeats across regions and sectors.
Boring businesses, bought well, run by strong operators, compound quietly over time.

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How dudes start moving after getting an entry level role at a D-tier VC firm.

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Warren Buffett:

“The ultimate luxury is doing something every day that you love doing with people that you love doing it with.”

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🕯 Retail traders just made their biggest stock market bet since the post tariff rebound

🖱 JPMorgan data for the week ending Jan 14 shows $12.0B of retail inflows into cash equities. This is the largest weekly inflow since the post Liberation Day recovery. Single stock buying reached $4.9B, the highest level in about 9 months. ETFs added $7.1B.

🖱 More than one third of single stock inflows went into the Magnificent 7, led by Nvidia and Tesla. Apple saw $185M of outflows. Year to date, the Magnificent 7 is still lagging the S&P 500 and Nasdaq 100.

🖱 Retail demand also increased in tech stocks outside the Magnificent 7. JPMorgan notes that past patterns point to roughly another month of strong retail buying.

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Former headquarters of 6 companies worth a combined $20 trillion.

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🗣️ Matthew McConaughey has trademarked his own image and voice

🖱 The US Patent Office approved 8 trademarks covering video of him speaking and smiling, plus the audio of his “alright, alright, alright” line. The stated goal is to block unauthorized AI use of his face and voice.

🖱 What stands out is the context. McConaughey is an investor in ElevenLabs and has already licensed his voice for AI translation into Spanish. He is not pushing against AI itself.

🖱 The move draws a legal boundary around consent and control, not technology. The courts have not tested this approach yet, but the threat of litigation alone raises the cost of misuse.

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Peter Thiel literally gave a masterclass on how to build a billion-dollar company

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📼 Higgsfield hits $200M run rate as generative video turns into infrastructure

🖱 The generative video startup closed an $80M Series A extension, bringing total funding to $130M and valuation above $1.3B. The company reports a $200M annual run rate less than 9 months after launch.

🖱 Higgsfield says it now generates about 4.5M videos per day and has over 15M users. Around 85% of usage comes from social media marketers, with most output tied to paid commercial work.

🖱 Customers are using it as an end to end production system, from concept to publishing. Video is being treated less like a campaign asset and more like software.

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Meta spent $73B on this.

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This is what “starting” really looks like.

Stop waiting for the perfect time.
Stop waiting for the perfect conditions.
Stop waiting for a magic moment.

Action first, clarity later.

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🤖 Amazon isn’t a retail company anymore

It’s one of the largest robotics deployments in history.

Most people missed how fast this happened:

🖱 2013 ~1,000 robots
🖱 2017 ~100,000
🖱 2019 ~200,000
🖱 2021 ~350,000
🖱 2022 ~520,000
🖱 2023 ~750,000
🖱 2024 ~900,000
🖱 2025 ~1,100,000

That implies hundreds of thousands of additional units added each year - thousands deployed every week.

This isn’t “cool tech.”
It’s about labor cost, fulfillment speed, and margin expansion.

Every robot:
🖱 lowers error rates
🖱 cuts operating costs
🖱 compresses cycle times
🖱 boosts unit economics

A bet on $AMZN today is a bet on automation on steroids, not just ecommerce.

The retail margins story hasn’t even started yet.

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❕ Elon Musk has officially launched Colossus 2

🖱 Colossus 2 is the first gigawatt scale AI compute cluster. Its peak power exceeds San Francisco’s maximum electricity demand. The system includes around 550,000 GPUs.

🖱 Musk says the cluster is expected to scale to 1.5 GW by April. At that level, it becomes one of the largest single AI installations ever built.

This sets a new benchmark for standalone data center size. Catching up on raw scale will take competitors time.

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1998: Google valued at $10 million.

2026: Google valued at $4 trillion.

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Define the game you’re playing, and make sure your actions are not being influenced by people playing a different game.

- Morgan Housel

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📈 Memory chip shortages will last beyond 2026, Micron says

🖱 Micron and SK Hynix report that all memory supply for this year is already booked. The main buyers are AI data centers. PC and smartphone makers are now negotiating allocations for periods after 2026.

🖱 Chinese outlet Jiemian reports that Xiaomi, Oppo, and Transsion have cut 2026 smartphone shipment targets due to rising memory costs. Oppo reduced its target by 20%.

🖱 Micron is expanding production in the US and Asia, but new capacity will come online gradually from 2027 to 2030. AI demand is pulling the supply curve forward.

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